Your Favourite Currency Pairs

alan5616

Established member
669 45
For a year, I was trading GBP/JPY, every day, and found it to be the trading equivalent of a roller coaster ride. One of the difficulties with trading volatility is that you pay for it in the spread that you're offered.

Recently, I've changed tacks from trading GBP/JPY and now prefer to trade EUR/JPY and GBP/USD. When trading £/Y, I was paying a minimum 6pts to a max of 14pts in spread. Now, I'm, usually, quoted an average of 3pts on E/Y and 2pts on £/$. I make 2-3 trades every day and the saving, over a year, should be substantial.

I'd like to get input from members, who regularly trade the FX markets, as to their favourite pair to trade and why. Also, whether you've switched from trading one currency pair to another perhaps, due to changing market conditions or to reduce the cost of the spread.
 

Trader333

Moderator
8,502 881
At 14 points you would have saved a fortune using DMA. Were you profitable when the spread was this high and if so what was the basis for your strategy ?


Paul
 

squall321

Well-known member
488 106
eurusd
gbpusd
gbpjpy

some pairs are too slow and don't pay up enough (usdjpy) for me and some are just TOO WEIRD (usdchf)

who is caring about the gj spread, on gj you're immediatly 20 pips in profit as soon as you enter anyway
 

alan5616

Established member
669 45
At 14 points you would have saved a fortune using DMA. Were you profitable when the spread was this high and if so what was the basis for your strategy ?


Paul
The 14 pts. was the exception but, the normal average spread was 8-10 pts. I was profitable but, because of the high volatility, had to place the stop loss anything from 60-100 pts away, even on a 5 min chart.

The basis of the strategy was just trading price action. At the latter part of 2008, the ADR, on £/Y, went from it's previous 180 to over 400. Since March, moves have been much less extreme and the ADR has returned to nearer it's previous level. Hence, my decision to trade a pair with a tighter spread.
 

alan5616

Established member
669 45
eurusd
gbpusd
gbpjpy

some pairs are too slow and don't pay up enough (usdjpy) for me and some are just TOO WEIRD (usdchf)

who is caring about the gj spread, on gj you're immediatly 20 pips in profit as soon as you enter anyway
I totally agree with your view of $/Y. I find the AUD/USD weirder than the USD/CHF.

Can you explain what you mean in the 2nd para? I've never found myself 20 pips in profit immediately, except when I've caught the run in full flow. I'm day trading so, receive no benefit from interest rate differential.
 

squall321

Well-known member
488 106
I totally agree with your view of $/Y. I find the AUD/USD weirder than the USD/CHF.

Can you explain what you mean in the 2nd para? I've never found myself 20 pips in profit immediately, except when I've caught the run in full flow. I'm day trading so, receive no benefit from interest rate differential.
depends where you enter. but i know that if i have to wait for a trade to come good on gj, i've entered too early.
 

alan5616

Established member
669 45
depends where you enter. but i know that if i have to wait for a trade to come good on gj, i've entered too early.
That doesn't say too much. Your statement of a 20 pip profit, almost immediately, is, in all honesty, a red herring. My method of entry was to be convinced that I was looking at the right direction of the market move and then watch the tape. The £/Y is a great market to tape watch (or, rather, it was).
 

squall321

Well-known member
488 106
That doesn't say too much. Your statement of a 20 pip profit, almost immediately, is, in all honesty, a red herring. My method of entry was to be convinced that I was looking at the right direction of the market move and then watch the tape. The £/Y is a great market to tape watch (or, rather, it was).
i'm just telling it as i see it
 

Claudia123

Established member
724 56
GBP/USD is my favourite of the moment - second is Swissie why you guys say its weird?? I accept it does some strange things but when she goes she goes.
 

alan5616

Established member
669 45
GBP/USD is my favourite of the moment - second is Swissie why you guys say its weird?? I accept it does some strange things but when she goes she goes.
Hi Claudia,

I didn't say it was weird; that was Cloud321. It's a market that I follow quite closely and think that this is a very good market to trade.

I agree with you on the £/$, which is why my main trading preferences, at present, are £/$ and E/Y.
 

Claudia123

Established member
724 56
Hi Claudia,

I didn't say it was weird; that was Cloud321. It's a market that I follow quite closely and think that this is a very good market to trade.

I agree with you on the £/$, which is why my main trading preferences, at present, are £/$ and E/Y.
Hi

Will have a look at E/Y that's one I never traded. Play with EUR/USD now and again when bored.

Have a good weekend all.
 

fayalac

Established member
560 14
USD/JPY spread is not high so you can easily profit, anyway, at any pair you can trade at many times it would be as a roller coaster. I basically support my desitions on price action but i am always aware that a hit can come from anywhere, and at any sense, so do your homework Alan and read each economic newspaper you can find and all related articles you can find at the web, i recomend you fxstreet.com you will find a lot of information to support your desitions, just be aware that these guys - as anyone in the world - can be wrong sometimes.
 

Claudia123

Established member
724 56
USD/JPY spread is not high so you can easily profit, anyway, at any pair you can trade at many times it would be as a roller coaster. I basically support my desitions on price action but i am always aware that a hit can come from anywhere, and at any sense, so do your homework Alan and read each economic newspaper you can find and all related articles you can find at the web, i recomend you fxstreet.com you will find a lot of information to support your desitions, just be aware that these guys - as anyone in the world - can be wrong sometimes.
Are you serious?? Read newspapers and internet sites for your trading? By the time you have read them the world has changed. Look to tomorrow not yesterday.
 

fayalac

Established member
560 14
Yes Claudia, i read the past and the present is at the web, that was why internet was created for, for us!:rolleyes:

Are you serious?? Read newspapers and internet sites for your trading? By the time you have read them the world has changed. Look to tomorrow not yesterday.
 

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